Archive for the ‘IRS Collections’ Category
IRS Levies and Collection Due Process Hearings
Monday, April 5th, 2010
Most persons subject to an IRS levy are entitled to a pre-levy administrative hearing, also called a collection due process (CDP) hearing. At least 30 days before the first levy is issued, the IRS generally must provide the person with written notice of the right to a hearing. When making a jeopardy levy, a levy [...]
3 Types of Offer In Compromise
Saturday, April 25th, 2009
Generally, there are three types of IRS offer in compromise:
cash offers
short-term deferred payment offers
deferred payment offers (which have 3 payment options).
You should know that the amount of the offer considered acceptable for each type is different. But in all three cases the amount of the offer must include the “Quick Sale Value” of your [...]
IRS Automatic Collection System
Saturday, April 25th, 2009
Receiving a letter from the IRS Automatic Collection System (ACS), is what prompts many who owe IRS back taxes to look into the Offer In Compromise program. According to the name, the ACS is, in fact, automatic insofar as generating increasingly aggressive collection letters. But it is also peopled by a group of [...]
Your Statute of Limitations
Wednesday, April 15th, 2009
The wise taxpayer will always ask his or her tax lawyer or tax audit representative in cases like tax audit cases first about the statute of limitations in the case. At its simplest, a statute of limitations is just what it says–a limit on the amount of time the IRS has to perform a [...]
Defend IRS Levies
Sunday, April 5th, 2009
How We Defend Against IRS Levy
Steps should be taken to defend against an IRS levy in three different situations: when you are the taxpayer, when you receive a levy for someone else’s taxes against property you hold and when you are a third party whose property [...]
What IRS Can Seize
Sunday, April 5th, 2009
What Can the IRS Seize?
A non-wage levy seizes the taxpayer’s right, title and interest to all property that is in the possession of the levied party (the person or company holding your property for you) at the time the levy is served. It seizes no more and [...]
Bank Levy Article
Sunday, April 5th, 2009
How Does A Bank Levy Work?
Banks and other financial institutions are required to wait 21 days after the notice of IRS levy before turning your assets over to the Feds. Often banks jump the gun and turnover before the 21 days has run. Guess what? The [...]
Wage Levy Article
Sunday, April 5th, 2009
Getting Wage Levies Released
Wage levies are vicious collection devices used by the IRS to get your attention. A wage garnishment can take up to 85% of your gross pay, leaving you with nowhere to sleep but the street.
In most cases our immediate goal is to [...]
Protect Assets from IRS
Sunday, April 5th, 2009
HOW TO PROTECT ASSETS FROM THE IRS
INTRODUCTION –How to Protect Assets from the IRS
Taxpayers can adopt various strategies to protect their assets from the IRS. In particular, several types of transfers can be used to avoid collection without giving up practical [...]
IRS Collection Policies
Sunday, April 5th, 2009
More Than You Ever Wanted to Know About IRS Collections
IRS COLLECTION POWERS
The IRS has broad collection powers that are the envy of other creditors. These powers are both administrative and judicial. At IRS-SOLV we are constantly engaged in struggles with the IRS because [...]